URA launches tenders for two GLS sites at Media Circle
/ EdgeProp Singapore |
Map showing Media Circle (Parcels A and B) in blue. The sites are close to another GLS site awarded in January (shown in purple) (Picture: EdgeProp LandLens)
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The tenders for two sites located along Media Circle under the 2H2024 Government Land Sale (GLS) Programme were launched on Nov 26. Both 99-year leasehold sites under the Confirmed List are zoned residential with commercial at the first storey.
Media Circle (Parcel A) is located at the juncture of Media Walk and Media Circle. Measuring 82,125 sq ft, it has a maximum gross floor area (GFA) of 303,865 sq ft and can potentially yield about 325 housing units. The adjacent Media Circle (Parcel B) measures about 107,936 sq ft and has a maximum GFA of 464,129 sq ft. It can potentially yield about 500 residences.
The sites are located at the southern end of the one-north area. “Media Circle was primarily developed as a business and tech park,” says Marcus Chu, CEO of ERA Singapore. “As such, the immediate vicinity may not be sufficiently equipped with amenities to support a residential enclave.”
The future project may be a welcome addition to the currently limited housing options for professionals working in one-north. “Current housing options in the one-north area mostly revolve around co-living spaces, serviced apartments and hotels,” says Chu.
Mark Yip, CEO of Huttons Asia, adds that the future project at the site would be well-positioned to tap into the tenant pool comprised of workers in one-north, Science Park, and the National University of Singapore. “Families with children studying in the nearby Tanglin Trust School may be potential tenants as well,” he adds.
The tenders for Media Circles (Parcels A and B) will close next year on March 4 and April 29, respectively. Yip believes that the staggered closing dates will allow developers to monitor interest in the area and help them formulate tender bids. He anticipates each site could attract up to three bids, with the top bid of up to $494 million or between $1,000 to $1,100 psf ppr.
ERA’s Chu takes a more cautious view, noting that Media Circle (Parcels A and B) have a less attractive location compared to previous one-north area GLS sites, such as Slim Barracks Rise (Parcel A) (now the 275-unit Blossoms by the Park) that is close to the Buona Vista MRT Station.
The most recent GLS site in the vicinity to be awarded was a 114,462 sq ft site on Media Circle. The site was awarded in January to a joint venture comprising Qingjian Realty and China Communications Construction Co, also known as Forsea Holdings, which submitted the top bid of $395.29 million ($1,191 psf ppr). The site could be developed into a 355-unit project.
Another tender for an adjacent 62,046 sq ft residential site fully zoned for long-stay serviced apartments closed in September. However, URA rejected the sole bid of $120.09 million ($461 psf ppr) submitted by a consortium led by Frasers Property, deeming it “too low”.
Chu predicts a “lukewarm response” to the two latest Media Circle plots. “With a smaller buyer pool than most residential sites to leverage on, developers may not be as keen to compete for the Media Circle sites.” He adds that developers may be more interested in other GLS sites in the Confirmed List, including the sites at Bayshore Road and Chuan Grove.
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